Relative downside protection.

Your investment solutionin an uncertain world

We believe that a portfolio of high quality companies, whose competitive advantage is driven by hard-to-replicate intangible assets and pricing power, has the potential to generate attractive long-term returns and relative downside protection.

Head of the International Equity Team

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"We believe that a portfolio of high quality companies, whose competitive advantage is driven by hard-to-replicate intangible assets and pricing power, has the potential to generate attractive long-term returns and relative downside protection.

Head of the International Equity Team

A History of Outperformance

With a portfolio of 20-40 stocks, the Fund has been successfully delivering competitive returns with defensive characteristics for over 15 years. As the chart shows, our investment strategy has historically matched the index during up markets, but our most significant outperformance is concentrated in down markets, when it is needed the most.

Source: Morgan Stanley Investment Management. Data as of June 30, 2018. Past performance is not a reliable indicator of future results. The value of the investments may go down or up in the future and an investor may not get back the amount invested. The portfolio returns represent the Morgan Stanley Global Franchise Composite, the overarching strategy for the MS INVF Global Brands Fund. Please refer to the Global Franchise Composite Disclosure document for additional information in the appendix. The composite results shown are GROSS of investment advisory fees, are quoted in USD and include the reinvestment of dividends and income. The comparison index is the MSCI World Net Index with Net dividends reinvested. If fees had been applied returns would have been lower. The inception date of the Global Franchise Composite is March 31, 1996. Data updated annually. Please click here for additional performance disclosures and important information, which should be reviewed carefully.

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The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.

There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.

Investment in China A-Shares via Shanghai-Hong Kong Stock Connect program may also entail additional risks, such as risks linked to the ownership of shares.

Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.

The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.

Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.

DEFINITION

The MSCI World Net Index is a free float adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends.

Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and key investor information document (KIID) contains this and other information about the fund. Please read the prospectus and KIID carefully before you invest.

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